Will Someone Please Help Me With This Basic Accounting Problem?

Assume that Byars Company uses a periodic inventory system and has these account balances: Purchases $466,320; Purchase Returns and Allowances $11,600; Purchase Discounts $8,180; and Freight-in $19,420.
Determine net purchases and cost of goods purchased.

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One Response to “Will Someone Please Help Me With This Basic Accounting Problem?”

  1. JKRB says:

    Purchases $466,320
    Less:
    Purchase Returns and Allowances $11,600
    and:
    Purchase Discounts $8,180
    = Net Purchases $446,540
    Add:
    Freight-in $19,420.
    = $465,960 cost of goods purchased

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